Repo average daily volumes (ADV) traded on Tradeweb increased 8.1 per cent YoY for March, rising to US$361.5 billion.
The addition of new clients on the platform continued to support growth in global repo activity, even as elevated usage of the Federal Reserve’s reverse repo facility weighed on the overall repo market.
Trading activity in US ETF on Tradeweb increased by 17 per cent in ADV terms compared to March 2021, rising to US$8.3 billion. European ETF ADV was up 24.2 per cent YoY to US$3.8 billion.
This record US institutional client activity was driven by further adoption of request for quote (RFQ) facilities. Tradeweb also reports that elevated market volatility boosted volumes in the US and Europe.
In March, Tradeweb outperformed market trends with fully electronic share of US high grade and US high yield TRACE capturing 11.1 per cent and 6.6 per cent, respectively, up YoY.
According to Tradeweb, the global electronic trading market operator, the average traded daily volumes for swaps and swaptions rose 12.4 per cent YoY to US$249.6 billion, and total rates derivatives ADV jumped 27.3 per cent YoY to US$401.5 billion.
In US government bonds, the ADV was up 30.1 per cent YoY to US$148.6 billion, with European government bond ADV increasing 22.4 per cent YoY to US$37.9 billion.
